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2022 Emerging Markets Mid-Year: Navigating Opportunities and Headwinds
- China has undergone a difficult first half of the year. The growth slump, which started with the regulatory reset last year, was exacerbated by China’s zero-Covid approach. With regulatory pressures now easing, we believe that Chinese internet companies are exiting the bottom of the cycle, with strong upside potential if positive catalysts emerge.
- ASEAN countries are expected to see relatively healthy economic activity, supported by an accelerated reopening and strong trade flows. Within the region, we continue to favor Vietnam as an off-benchmark play. Vietnam exhibits favorable demographics with a young and growing skilled talent pool driving the country’s rise as a global manufacturing hub.
- Latin America and EEMEA, broadly speaking, are well-positioned for the second half of 2022. The Middle East and Latin America should benefit from higher energy prices. Latin America and South Africa would be key beneficiaries of a recovery in Chinese economic activity, and countries like Greece should see dynamic growth coming from a recovery in tourism this summer.
July 20, 2022
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ASEAN = Association of Southeast Asia Nations is the organization of countries in Southeast Asia set up to promote cultural, economic and political development in the region.
EEMEA = Emerging Europe, the Middle East & Africa
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